Q3 GDP Revised Slightly Higher

This morning, the government released the final revision to Q3 GDP. The U.S. economy grew at a 33.4% annualized rate for the third quarter of the year. That’s a 0.3% increase over the previous estimate. That’s a very large number but it comes after the big drop during Q2.

This morning’s existing-home-sales report saw a larger drop than expected.

The National Association of Realtors said on Tuesday that existing home sales fell 2.5% to a seasonally adjusted annual rate of 6.69 million units last month. Economists polled by Reuters had forecast sales declining 1.0% to a rate of 6.70 million units in November.

Existing home sales, which account for the bulk of U.S. home sales, surged 25.8% on a year-on-year basis in November.

Congress also officially passed the stimulus bill. Here’s a chart of real GDP.

Posted by on December 22nd, 2020 at 10:43 am


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